{"F": {"ts_code": "002826.SZ", "name": "易明医药", "mkt": "CN", "ccy": "元", "sw1": "医药生物", "sw2": "化学制药", "sw3": "化学制剂", "ind": "化学制药", "fin_source": "tushare", "market": "主板", "list_date": "20161209", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 17.71, "pe_ttm": 27.747, "pb": 3.9101, "dv_ttm": 0.8443, "total_mv": 337690.2067, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [36.0, 35.9, 43.9, 51.2, 68.5, 82.1], "rev_series": [6.0, 7.3, 8.6, 6.7, 6.5, 6.4], "np_series": [0.4, 0.4, 0.4, 0.2, 0.5, 0.9], "roe_series": [6.1, 6.0, 6.0, 2.1, 6.2, 11.9], "period": "20260630", "rev_ttm": 6.8, "np_ttm": 1.2, "ocf_ttm": 2.4, "fcf_ttm": 2.3, "fcf_yield": 6.7, "ocf_yield": 7.0, "gm_median": 51.2, "gm_std": 16.8, "gm_stab": 0.67, "gm_chg_2022": 7.9, "npm_median": 6.0, "roe_median": 6.0, "commodity": false, "hard_ratio": 27.1, "fix_assets": 3.2, "goodwill_ratio": 1.4, "pb_calc": 3.91, "capex_dep": 0.45, "interest_debt": 0.3, "debt_ebitda": 0.2, "debt_ratio": 27.8, "debt_mv": 0.9, "payout": 37.5, "div_years": 5, "rev_cagr3": -9.4, "np_cagr3": 28.0, "rev_yoy": 15.5, "np_yoy": 77.5, "np_vol": 91.9, "loss_years": 0, "far_share": 82.0, "earn_yield": 3.6, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 49.0], ["化学药", 48.0], ["中成药产品", 2.0], ["中成药", 2.0]], "ret_prev_year": 80.3, "ret_prev2_year": -12.8, "ret_ytd": -2.9, "ret_pivot": 136.8, "prev_year": "2025", "prev2_year": "2024", "ret_20": -0.7, "ret_60": 18.0, "ret_120": -18.2, "ret_250": -19.7, "mdd_250": -32.1, "vol_250": 43.4, "pos_52w": 80.2}, "S": {"duration": 50, "pricing": 60, "hard": 43, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 27.7 倍、股息率 0.8%、毛利率近 5 年中位 51.2%、固定资产占比 27%、有息负债/EBITDA 0.2 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 27%,毛利率近 5 年中位 51.2%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 6.7%(经营现金流/市值 7.0%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 51.2%,稳定度 67%,2020→2022 成本通胀期毛利率变化 7.9 个百分点。能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 27%,资本开支/折旧 0.45 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 27.7 倍 粗算,约 82%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -20%,最大回撤 -32%,年化波动 43%,现价在 52 周高点的 80%;近 20 / 60 / 120 日 -1% / 18% / -18%。", "行业对照": ["同申万二级「化学制药」157 家中位:PE 37.5 / 股息率 1.2% / 毛利率 52.5% / 固定资产占比 30% / 分红率 38%。", "易明医药:PE 比行业中位低 9.8倍;股息率 比行业中位低 0.4个百分点;毛利率 比行业中位低 1.3个百分点;固定资产占比 比行业中位低 2.7个百分点。"]}}